Customer Success Story

George Mason Mortgage offers a "choose your own adventure" digital customer experience branded as Intuitive Lending™

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George Mason Mortgage

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  • George Mason Mortgage, LLC
  • Fairfax, VA
  • $2.6B annual loan volume (2018)
  • ICE Mortgage Technology Customer since 2009

A huge win - by any standards

Since going live with Consumer Connect, George Mason Mortgage has seen some impressive results.

2.5-day

Turn-time reduction from application-to-close

$2 million

Decrease in loan costs

10%

Increase in loan conversion rates

15%

Increase in online applications within 30 days

George Mason Mortgage

George Mason Mortgage, LLC (GMM) was founded in 1980 as an independent lender offering white glove service to customers in the Washington D.C. metro area. Now, a wholly owned subsidiary of United Bank, GMM is a top lender in the mid-Atlantic region—building its reputation by combining high touch and high tech to create a unique market niche.

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“Within 30 days, we saw a 15 percent increase in online applications—specifically because people loved the experience of using Encompass Consumer Connect®.”

Andria Lightfoot
Senior Vice President of Information Systems

A high tech, high touch niche

Although George Mason the company gave its borrowers an excellent, efficient in-person or phone-based experience, until recently, it didn’t have a 24/7, online option. “We surveyed our customers and were shocked to find out how many wanted to engage with us in a more digital format,” explained Andria Lightfoot. To be successful, the solution had to increase the influx of online applications and reduce loan turn times, yet, be transparent enough to keep loan officers in the loop. Most importantly, it had to be easy and intuitive for the borrower to use, with a secure way to upload documents and sign disclosures from any mobile device.

Building customer relationships

To establish a baseline, a twelve-month comparison was conducted to determine the percentage of applications taken online vs. conventional methods. With the goal of reducing loan origination costs, GMM used Encompass Consumer Connect to track the average turn-time performance for Consumer Connect vs. non-Consumer Connect applications. They also leveraged the ICE Mortgage Technology WebCenter for online applications. Lightfoot said, “The same place borrowers go to engage with the loan officer is where they upload documents and sign disclosures. Many systems do an excellent job with online applications, but don’t continually engage that customer to reinforce the borrower-lender relationship. ICE Mortgage Technology knocked it out of the park on that point.” Just as important, the solution gives loan officers full visibility into partially submitted applications for follow up, as well as borrower activity. So, they stay in control of their books of business and customer relationships.

The Challenge

George Mason Mortgage wanted to give customers a digital engagement option, but do it without losing the high touch approach that defined the company’s brand. Although George Mason Mortgage gave its borrowers an excellent, efficient in-person or phone-based experience, until recently, it didn’t have a 24/7, online option.

The Solution

George Mason decided to make the switch to Encompass Consumer Connect® so customers can log into the secure borrower portal from their mobile device or web browser. LOs also have full visibility into partially submitted applications for follow up, as well as borrower activity. So, they stay in control of their books of business and customer relationships.

Benefits and Results

For George Mason Mortgage, it comes down to letting borrowers combine channels to create the path that makes securing a mortgage easiest for them. When the borrower experience is streamlined, the entire lending process benefits: Reduced loan turn times, Decreased loan costs, Increased conversion rates, Improved security

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